1. Using the data below, prepare the income statement and balance sheet for Microsoft Corporation for the year ending December 31, 2023.

Account	Amount ($)
Revenue	3,500,000
Cost of Goods Sold	1,800,000
Administrative Expenses	600,000
Selling Expenses	400,000
Depreciation	200,000
Interest Expense	50,000
Cash	100,000
Accounts Receivable	250,000
Inventory	300,000
Equipment (net of depreciation)	1,000,000
Accounts Payable	200,000
Notes Payable	300,000
Common Stock	1,500,000
Retained Earnings	?